Wheat futures posted gains of nearly 30 cents/bu on Tuesday as fertilizer supply and U.S. weather concerns persisted. Corn followed wheat higher while soybeans were just mixed.
U.S. crude oil futures jumped to above $100/barrel today, rising for the seventh straight day, as U.S. and Iran still appear no closer to resolving a conflict that has blocked maritime traffic, including oil and fertilizer shipments, through the Strait of Hormuz. Meanwhile, continued dryness for the U.S. winter wheat crop on the southern Plains offered further support. As of Monday, more than half of the winter wheat was rated very poor to poor in Nebraska (65%), Texas (56%), and Colorado (54%). The benchmark Chicago market hit its highest since 2024, as the July future settled 28 cents higher at $6.57 ¾, and July Kansas City added 27 cents to $7.02 ¼. July Hard Red Spring was up 21 ¾ cents and July Minneapolis climbed 18 ¾ cents to $7.13 ¼.
Corn rode the coattails of wheat higher. Monday’s USDA crop progress report showed 25% of the nationwide corn crop planted as of Sunday, 6 points ahead of the five-year average pace. July was up 6 ¼ cents at $4.75 ½, and December gained 6 ¼ cents to $4.95 ¾.
July soybeans eased 2 ¾ cents to $11.89 ¼, and November was up 1 ¼ cents at $11.67.
